The impressive start to 2024 recorded by Shiba Inu means anyone who invested earlier in the year would have made sizeable profits.
Shiba Inu has been one of the best-performing cryptocurrencies on the top 20 list since the start of 2024. Earlier this month, the coin enjoyed a stint in the top 10 and came very close to overtaking Dogecoin.
However, some investors may wonder how much money they would have now if they had invested in Shiba Inu at the start of the year. A closer look at the numbers reveals an interesting find.
Shiba Inu 2024 Profit Calculation for $1,000
Shiba Inu opened trading for the year, hovering around $0.00001. Hence, if you had invested $1,000 into Shiba Inu on January 1, 2024, you would have received 100,000,000 million Shiba Inu tokens.
At the time of writing, Shiba Inu is currently trading at $0.00002932, meaning you would have a portfolio valued at $2,932. Therefore, if you sold everything to realize profits, you will have gained $1,932 in under three months.
The profits could have been higher if you had sold Shiba Inu when it hit its current top at $0.000045 in the first week of March. At that time, the purchased amount would have been valued at $4,500, representing a 350% gain.
It is also worth mentioning that realizing such gains would have required some patience and showing off “diamond hands.” In early February, the price of Shiba Inu dropped to around $0.0000089, during which the total amount invested would have been worth $890, or 11% in unrealized losses.
Meanwhile, comparing Shiba Inu’s gains with Bitcoin over the same timeline shows just how well the meme-inspired cryptocurrency has performed. Bitcoin started the year with an average price of $42,280. Since then, BTC has gained nearly 70% and is trading around $70,600 at the time of writing.
A $1,000 investment on Bitcoin at $42,280 gives an investor 0.02365 BTC. If sold at the current market value, an individual will receive $1671.86.
The above assessment does not compare Bitcoin to Shiba Inu in terms of its investment value. Shiba Inu is more volatile and less resistant to negative price impact than Bitcoin. In the long run, however, both assets may have their place in an investor’s portfolio and help maximize returns.
